SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549



                                    FORM 10-Q

                  Quarterly Report Under Section 13 or 15(d) of
                       The Securities Exchange Act of 1934



         For the Period ended March 31, 1999 Commission File 0-14540


                           FAMOUS HOST LODGING V, L.P.

             (Exact name of registrant as specified in its charter)


          CALIFORNIA                                       94-2933595
-------------------------------                       -------------------
(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization)                        Identification No.)


2030 J Street
Sacramento, California                                     95814
--------------------------------------                   ----------
Address of principle executive offices                    Zip Code


Registrant's telephone number,
Including area code                                    (916) 442 - 9183

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.


Yes  XX     No __








<PAGE>














                           FAMOUS HOST LODGING V, L.P.

                       (A California Limited Partnership)

                              FINANCIAL STATEMENTS

                             MARCH 31, 1999 AND 1998






































<PAGE>








                           FAMOUS HOST LODGING V, L.P.

                       (A California Limited Partnership)

                                      INDEX

Financial Statements:                                              PAGE

   Balance Sheet - March 31, 1999 and December 31, 1998              2

   Statement of Operations - Three Months Ended
   March 31, 1999 and 1998                                           3

   Statement of Changes in Partners' Equity -
   Three Months Ended March 31, 1999 and 1998                        4

   Statement of Cash Flows - Three Months Ended
   March 31, 1999 and 1998                                           5

   Notes to Financial Statements                                   6 - 7

   Management Discussion and Analysis                              8 - 9

   Other Information and Signatures                               10 - 11



























<PAGE>

                           Famous Host Lodging V, L.P.
                       (A California Limited Partnership)
                                  Balance Sheet
                      March 31, 1999 and December 31, 1998

                                                          3/31/99    12/31/98
                                                        ----------  -----------
                                     ASSETS
Current Assets:
   Cash and temporary investments                      $   473,929  $   370,184
   Accounts receivable                                       8,490       20,431
   Other receivables                                        36,286       36,286
   Prepaid expenses                                         15,941       31,028
                                                        ----------   ----------
    Total current assets                                   534,646      457,929
                                                        ----------   ----------

Property and Equipment:
   Buildings                                             4,077,604    4,077,604
   Furniture and equipment                               1,339,198    1,342,104
                                                        ----------   ----------
                                                         5,416,802    5,419,708
   Accumulated depreciation                             (3,485,376)  (3,433,032)
                                                        ----------   ----------

    Property and equipment, net                          1,931,426    1,986,676
                                                        ----------   ----------

Other Assets:                                               31,000       32,294
                                                        ----------   ----------

    Total Assets                                       $ 2,497,072  $ 2,476,899
                                                        ==========   ==========

                        LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
   Accounts payable and accrued liabilities                175,939      145,818
                                                        ----------   ----------
    Total liabilities                                      175,939      145,818
                                                        ----------   ----------

Contingent Liabilities (See Note 1)

Partners' Equity:
   Limited Partners: 10,000 units authorized,
    9,022 issued and outstanding                         2,316,243    2,326,092
   General Partners                                          4,890        4,989
                                                        ----------   ----------
    Total partners' equity                               2,321,133    2,331,081
                                                        ----------   ----------

Total Liabilities and Partners' Equity                 $ 2,497,072  $ 2,476,899
                                                        ==========   ==========


    The accompanying notes are an integral part of the financial statements.

                                      - 2 -
<PAGE>

                           Famous Host Lodging V, L.P.
                       (A California Limited Partnership)
                             Statement of Operations
              For the Three Months Ending March 31, 1999 and 1998

                                                       Three Months Three Months
                                                         Ended         Ended
                                                        3/31/99       3/31/98
                                                       ----------    ----------

Income:
    Hotel room                                        $   622,551   $   652,776
    Restaurant                                             68,579       135,024
    Telephone and vending                                   7,782        12,994
    Interest                                                3,101           801
    Other                                                  13,824        13,292
                                                       ----------    ----------
     Total Income                                         715,837       814,887
                                                       ----------    ----------

Expenses:
    Hotel operating expenses (Note 2)                     461,863       453,801
    Restaurant operations (Note 2)                        108,205       175,562
    General and administrative                             65,203       152,477
    Depreciation and amortization                          54,916        65,116
    Property management fees                               35,598        40,518
                                                       ----------    ----------
     Total Expenses                                       725,785       887,474
                                                       ----------    ----------

    Net Income (Loss)                                 $    (9,948)  $   (72,587)
                                                       ==========    ==========

Net Income (Loss) Allocable
 to General Partners                                         ($99)        ($726)
                                                       ==========    ==========

Net Income (Loss) Allocable
 to Limited Partners                                      ($9,849)     ($71,861)
                                                       ==========    ==========

Net Income (Loss)
 per Partnership Unit                                      ($1.09)       ($7.97)
                                                       ==========    ==========

Distribution to Limited Partners
 per Partnership Unit                                       $0.00         $9.20
                                                       ==========    ==========







    The accompanying notes are an integral part of the financial statements.

                                      - 3 -
<PAGE>

                           Famous Host Lodging V, L.P.
                       (A California Limited Partnership)
                    Statement of Changes in Partners' Equity
              For the Three Months Ending March 31, 1999 and 1998

                                                       Three Months Three Months
                                                         Ended         Ended
                                                        3/31/99       3/31/98
                                                       ----------    ----------

Limited Partners:
 Balance at beginning of year                         $ 2,326,092   $ 2,250,315
 Net income (loss)                                         (9,849)      (71,861)
 Distributions to limited partners                           -          (83,002)
                                                       ----------    ----------
  Balance at end of period                              2,316,243     2,095,452
                                                       ----------    ----------

General Partners:
 Balance at beginning of year                         $     4,989   $     3,385
 Net income (loss)                                            (99)         (726)
                                                       ----------    ----------
  Balance at end of period                                  4,890         2,659
                                                       ----------    ----------

  Total Partners' Equity                              $ 2,321,133   $ 2,098,111
                                                       ==========    ==========




























    The accompanying notes are an integral part of the financial statements.

                                      - 4 -
<PAGE>

                           Famous Host Lodging V, L.P.
                       (A California Limited Partnership)
                             Statement of Cash Flows
              For the Three Months Ending March 31, 1999 and 1998

                                                       Three Months Three Months
                                                          Ended        Ended
                                                         3/31/99      3/31/98
                                                       ----------    ----------
Cash flows from operating activities:
   Received from hotel and restaurant revenues        $   724,677   $   816,176
   Expended for hotel and restaurant operation
    and general and administrative expenses              (624,033)     (660,193)
   Interest received                                        3,101           801
                                                       ----------    ----------
      Net cash provided (used) by operating activities    103,745       156,784
                                                       ----------    ----------
Cash flows from investing activities:
   Purchases of property and equipment                       -         (10,221)
                                                       ----------    ----------
      Net cash provided (used) by investing activities       -         (10,221)
                                                       ----------    ----------
Cash flows from financing activities:
   Distributions paid to limited partners                    -         (83,002)
                                                       ----------    ----------
      Net cash provided (used) by operating activities       -         (83,002)
                                                       ----------    ----------
      Net increase (decrease) in cash
        and temporary investments                         103,745        63,561

      Cash and Temporary Investments:
         Beginning of year                                370,184       146,113
                                                       ----------    ----------

            End of Period                             $   473,929   $   209,674
                                                       ==========    ==========
Reconciliation  of net income  (loss) to net cash  provided  (used) by operating
activities:

   Net income (loss)                                  $   (9,948)   $   (72,587)
                                                       ---------     ----------
   Adjustments to reconcile net income to net cash used by operating activities:
      Depreciation and amortization                       54,916         65,116
      (Gain) loss on disposition of property
       and equipment                                         334           -
      (Increase) decrease in accounts receivable          11,941          2,090
      (Increase) decrease in prepaid expenses             30,967         22,390
      (Increase) decrease in other assets                  1,294           -
      Increase (decrease) in accounts payable
        and accrued liabilities                           14,241        139,775
                                                       ---------     ----------
             Total adjustments                           113,693        229,371
                                                       ---------     ----------
             Net cash provided (used) by
               operating activities                   $  103,745    $   156,784
                                                       =========     ==========
    The accompanying notes are an integral part of the financial statements.
                                      - 5 -
<PAGE>

                           Famous Host Lodging V, L.P.
                       (A California Limited Partnership)
                          Notes to Financial Statements
                             March 31, 1999 and 1998

Note 1:
The attached interim financial  statements include all adjustments which are, in
the opinion of management,  necessary to a fair statement of the results for the
period presented.

Users  of  these  interim  financial  statements  should  refer  to the  audited
financial  statements for the ended December 31, 1998 for a complete  disclosure
of significant  accounting policies and practices and other detail necessary for
a fair presentation of the financial statements.

Long-lived  assets are reviewed  for  impairment  whenever  events or changes in
circumstatnces indicate that the carrying amount may not be recoverable.  If the
sum of the  expected  future  undiscounted  cash flows is less than the carrying
amount of the asset, a loss is recognized  for the  difference  between the fair
value and the carrying value of the asset.

In accordance  with the  partnership  agreement,  the following  information  is
presented  related to fees paid to the General  Partners or  affiliates  for the
period.

   Property Management Fees            $35,598

Partnership  management  fees  and  subordinated  incentive   distributions  are
contingent  in nature  and none have been  accrued or paid  during  the  current
period.

Note 2:
The following table summarizes the major components of hotel operating  expenses
for the periods reported:























                                      - 6 -
<PAGE>

                           Famous Host Lodging V, L.P.
                       (A California Limited Partnership)
                    Notes to Financial Statements (Continued)
                             March 31, 1999 and 1998

                                                       Three Months Three Months
                                                          Ended         Ended
                                                         3/31/99       3/31/98
                                                       ----------    ----------
Hotel operating costs:
Salaries and related expenses                         $    94,310   $   124,645
Rent                                                       59,772        62,546
Franchise, advertising and reservation fees                44,753        46,533
Utilities                                                  36,460        32,368
Allocated costs, mainly indirect
 salaries                                                 121,679        49,761
Renovations and replacements                                7,379         3,468
Maintenance, repairs and replacements                      15,804        36,633
Property taxes                                             15,982        16,025
Property insurance                                         10,304        10,655
Other operating expenses                                   55,420        71,167
                                                       ----------    ----------

Total hotel operating expenses                        $   461,863   $   453,801
                                                       ==========    ==========


                                                       Three Months Three Months
                                                          Ended         Ended
                                                         3/31/99       3/31/98
                                                       ----------    ----------
Restaurant operating costs:
Salaries and related expenses                         $    50,903   $    75,987
Cost of food and beverage                                  28,503        47,639
Rent                                                        7,062        12,776
Utilities                                                   8,391        10,539
Property taxes                                              2,528         2,630
Property insurance                                          2,267         2,061
Other operating expenses                                    8,551        23,930
                                                       ----------    ----------

                                                      $   108,205   $   175,562
                                                       ==========    ==========

There are certain administrative  expenses allocated between the Partnership and
other  partnerships  managed by the General  Partner and its  affiliates.  These
expenses,  which are based on usage,  are telephone,  data  processing,  rent of
administrative office and administrative salaries.  Management believes that the
methods used to allocate shared administrative expenses are accurate.

The following  additional material  contingencies are required to be restated in
interim reports under federal securities law: None.





                                      - 7 -
<PAGE>
                           FAMOUS HOST LODGING V, L.P.
                       (A California Limited Partnership)
                       MANAGEMENT DISCUSSION AND ANALYSIS
                 OF FINANCIAL CONDITION AND RESULTS OF OPERATION
                                 MARCH 31, 1999

LIQUIDITY AND CAPITAL RESOURCES

         As of March 31, 1999,  the  Partnership  has current assets of $534,646
and current  liabilities of $175,939  creating an operating reserve of $358,707.
Distributions  to the limited  partners  have been  suspended to  replenish  the
operating reserves.

         The Partnership  expended for renovations and replacements $7,379 which
is equal to 1.2% of guest room revenue during the period covered by this report.
The Partnership has no commitments for additional capital expenditures.

RESULTS OF OPERATIONS

         The following is a comparison of operating  results for the three month
periods ended March 31, 1999 and March 31, 1998.

         Total income decreased $99,050 or 12.2%.  Hotel room revenues decreased
$30,225 or 4.6%, due to a decrease in guest room occupancy from 72.9% in 1998 to
62.6% in 1999 and an increase  in the  average  room rate from $67.23 in 1998 to
$74.68 in 1999. The $66,445 or 49.2% decrease in restaurant revenue was due to a
reduction in the restaurant  hours of operations  from 16 hours daily to 7 hours
daily.

         Total expenditures  decreased $161,689 or 18.2%.  Restaurant  operating
expenses  decreased  $67,357 or 38.4%.  This  decrease  is  associated  with the
decrease in restaurant hours of operation.  Hotel operating  expenses  increased
$8,062 or 1.8%.  Allocated  expenses increased due to legal fees associated with
the proposed sale of the hotel and a legal  arbitration with the Barstow hotel's
landlord.

FUTURE TRENDS

         The General Partners expect the hotel's  performance  during 1999 to be
substantially   unchanged  from  1998.  Changes  in  restaurant   personnel  and
procedures  are  expected to continue  bringing  improved  results.  The General
Partners  expect that these  changes  will result in a reduction in the net loss
experienced by the restaurant operation.

         The  Limited  Partners  have  agreed  to  sell  the  motel  to  Tiburon
Hospitality,  LLC after a proxy  solicitation  filed separately with the S.E.C..
The dispute with the landlord has been dismissed in  arbitration.  The remaining
factors  include  negotiations  with  Holiday  Inn,  Inc.  over  transfer of the
existing  franchise and obtaining the consent of the landlord to transfer of the
leases to the new owner.  Upon resolution of these two factors,  the sale of the
Barstow motel should be completed within thirty days.







                                     - 8 -
<PAGE>

                           FAMOUS HOST LODGING V, L.P.
                       (A California Limited Partnership)
                       MANAGEMENT DISCUSSION AND ANALYSIS
                 OF FINANCIAL CONDITION AND RESULTS OF OPERATION
                           MARCH 31, 1999 (Continued)

         In 1996 the computers used by the  Partnership at the Managing  General
Partner's  offices in Sacramento  were  updated.  In the process of updating its
hardware and software,  the Managing  General  Partner  eliminated any potential
Year 2000  problem  with  respect to such  computers.  Similarly,  the  Managing
General  Partner does not  anticipate  any  material  Year 2000 problem with the
computers in use at the motel. The Managing General Partner has not investigated
and does not know whether any Year 2000  problems may arise from its third party
vendors.  Because  the  motel  is  a  "budget"  motel,  the  Partnership's  most
significant  vendors are its utility  providers and banks. To the extent banking
services,  utility  services and other goods and services are  unavailable  as a
result of Year 2000  problems  with the  computer  systems  of such  vendors  or
otherwise,  the  ability of the  Partnership  to conduct  business at its motels
would be compromised. No contingency plans have been developed in this regard.

         In the opinion of management,  these financial  statements  reflect all
adjustments  which were necessary to a fair statement of results for the interim
periods presented. All adjustments are of a normal recurring nature.


































                                     - 9 -
<PAGE>


                           PART II. OTHER INFORMATION

Item 1.  Legal Proceedings

           None

Item 2.  Changes in Securities

           None

Item 3.  Defaults upon Senior Securities

           None

Item 4.  Submission of Matter to the Vote of Security Holders

           None

Item 5.  Other Information

           See Notes to Financial Statements

Item 6.  Exhibits and Reports on Form 8-K

           None































                                     - 10 -
<PAGE>





                                   SIGNATURES

Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.





                                    FAMOUS HOST LODGING V, L.P.

5-14-99                    By /S/ Philip B. Grotewohl
-------                           ------------------------
  Date                              Philip B. Grotewohl,
                                    President of Grotewohl Management
                                    Services, Inc.,
                                    Managing General Partner

5-14-99                    By /S/ Philip B. Grotewohl
-------                           ------------------------
  Date                              Philip B. Grotewohl,
                                    Chief executive officer,
                                    chief financial officer,
                                    chief accounting officer and
                                    director of Grotewohl Management
                                    Services, Inc., Managing General
                                    Partner

























                                     - 11 -